Corum pays £16.4m for first NI property

French asset management company buys buildings occupied by Next and Eason

Corum, the French asset management company, has paid more than £16.4 million (€18.8 million) to acquire its first investment property in Northern Ireland.

Corum Asset Management has purchased a 67,000 sq ft property in the heart of Belfast city centre which is currently occupied by Next and Eason.

The amount Corum paid, according to commercial property agents Lisney, , represents the largest retail investment deal in the North this year.

Philippe Cervesi, investment director at Corum said the company, which was launched in 2012 and manages a property portfolio of more than €800 million, is now actively see further “high quality investment opportunities” across all sectors.

“The purchase of 40-46 Donegall Place is only our second in the UK and first in Northern Ireland, and we are committed to sourcing and acquiring other opportunities throughout the UK and Europe,” Mr Cervesi said.

The French company already has an established presence in the Republic where it has invested more than €80 million in recent years.

Last year it paid €14 million to add the Joyce Court complex in Dublin to its Irish portfolio.

The sale of 40-46 Donegall Place marks the second major property in Belfast to change ownership this week.

Lambert Smith Hampton confirmed it had acted for a local private investor to paid £2.64 million for 22 Adelaide Street, a six storey city centre property located in the Linen Quarter of Belfast.